Pass on rate cut benefit to borrowers: FM tells banks

Mumbai: Seeking to push investment to boost growth, Finance Minister P Chidambaram on Thursday asked banks to pass on the RBI's rate cut benefit to both retail and corporate borrowers.

"In fact, the RBI has already cut the repo rate by 125 basis points since early 2012, with commercial banks cutting rates by only 30 basis points over the period," he said at the AGM of Indian Banks' Association here.